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www.insideHALTON.com · OAKVILLE BEAVER Thursday, February 14, 2013 · 10 Planning for children's education an important family value amily Day is a time to reflect on family values and what is most important. Think of making a positive impact on your family. Realize the significance of the contribution and how it could be part of your life's legacy. For many families the priority is to launch their children into adulthood with the skills necessary to have a happy and comfortable life. In our increasingly competitive world, the importance of getting a good education is growing. Numerous studies show a strong correlation between one's level of education and earning power. While a good education will not ensure happiness, it does provide opportunity for a higher standard of living possible due to F increased earning power. Assume a family's goal is to provide financial assistance for each child to complete a four-year university degree. The cost can vary for a number of reasons; but it can be approximately $25,000 per year, or $100,000 in total. Many families have several children attending at about the same time so the financial impact is significant. Like most financial priorities there are two options. Wait until the event happens and then do your best to cover the costs. Alternatively, a little planning can be done. This part is easy using simple math. Ask your financial adviser to coach you and you should Dollars & Sense By Peter Watson now for Register FREE $29 for a 30-minute shellac manicure and 45-minute pedicure at Michelle's Everlasting Beauty ($65 value) find it easy to understand. You will make some family decisions about how the costs should be allocated between you and your child. For our example, we will assume you want to finance the entire $100,000 cost. Assume you start at birth and want to save $100,000 over 18 years when your child could enter university. If the inflation rate is three per cent annually you will need $170,000 in 18 years to be the equivalent of $100,000 of purchasing power today. We will assume your educational savings will be invested and earn an annual return of seven per cent. You need to save about $400 monthly. Have your adviser talk to you about the benefits of Registered Education Savings Plans (RESPs). These plans have a government grant component, which can help you get to your goal faster or with a smaller savings requirement. That might seem too much monthly. For some, it might be difficult, but is more prudent to stretch a little every month because having a $170,000 cost paid over four years will be far more difficult. Once you have established the plan, we strongly recommend it be reviewed annually and adjustments made when appropriate -- as a result of your estimate, your child's financial contribution and performance of investments. The theory is easy. Save a little monthly and a child's university expenses will be covered. The more creative part is to look at the family dynamics and consider options of how this could work. Two parents could establish a university educational saving plan or perhaps the grandparents will cover some of the monthly contributions costs. Should aunts and uncles participate? There are many family-value benefits of starting a university education savings plan. The university costs will be paid and that was the initial objective. The larger lesson is for the child to learn about family values and witness the family working together for a worthy cause. Family Day is Feb. 18. Celebrate the day, honour your family values and use a little creative thinking on how they can best be passed on to the next generation. Perhaps it is as simple as starting a university educational fund. -- Submitted by Peter Watson, MBA, CFP, R.F.P., CIM, FCSI. 55 off % ACTIVE WagJag ACTIVE WagJag Reports will boost transparency Continued from page 1 57% off 51 off % Brought to you by $129 for an Exotic Car road course, test drive or police car chase from Exotic Car Tours ($299 value) Other options 67% off 53 off % $99 for duct cleaning of up to 10 vents in your home from Universal Alliance Services ($300 value) ACTIVE WagJag $69 for 2.5 hours of professional home cleaning from A1 Superior Home Cleaning ($140 value) ACTIVE WagJag $19 for $40 towards authentic Italian fare at Osso Bucco Ristorante HAVE QUESTIONS? CALL 1-855-4WAGJAG These exceptions include litigation or potential litigation, advice subject to solicitor-client privilege, a proposed or pending acquisition or disposition of land, and labour relations or employee negotiations. Prior to proceeding into a closed meeting, council must pass a resolution authorizing it and identify the nature of the matter. After the session is complete, a public report is provided or a resolution passed regarding the confidential matter. The clerk's report stated enhancements are being introduced to the Town's staff report procedures to provide more information to the public. Confidential items previously listed in a separate confidential report will now become confidential appendices to public reports. This will provide the public with a general overview of the matter under consideration. "The revisions to the staff reporting procedures will further enhance transparency on the issues that council needs to discuss in closed sessions," said Burton. "This will strike the right balance between the need for transparency and the need to protect the interests of the municipality and the taxpayer." Closed meeting statistics will be provided to council on an annual basis to ensure continued attention to transparency and accountability at the Town. Council and committee meeting dates, agendas and staff reports are available on the Town's website. Live and recorded coverage of Town council, the Planning and Development Council and budget committee meetings are also available. For more information, visit www.oakville.ca. Maximize Your Job Search 4 locations in Oakville, Burlington, Milton, or Clarkson Oakville Employment Centre 905-845-1157 | thecentre.on.ca/oakville Building a better future